Minus 1000 USD in 3 days
The strong sales of the past few days send Bitcoin on a downward spiral into the unknown. At the same time, the traditional markets are suffering enormous losses and the corona virus is spreading at an alarming rate. Let’s take a look at what is happening.
BTC dump in detail
Bitcoin is currently trading at USD 8884 and it initially looks as if the important support area will hold at USD 8800. This is also the 200-day moving average, an important mark for chart analysts. From a bullish perspective, a comeback in the $9000 range in the coming hours is quite possible. However, should the bears take the helm again, the No.1 crypto currency would run up to support at $8400. A 24 hour volume of just under USD 47 billion reflects the interest of investors.
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The coronavirus is continuing to spread and is attacking the traditional markets. The euro, like the Down Jones Industrial, is at a 3-year low and investors are withdrawing their money from the Chinese yuan. In short, the coronavirus is slowing the economy and the traditional markets are suffering from the current trend. The price of gold, on the other hand, is at a high level of USD 1635. Many investors see the precious metal as a “safe haven”. A characteristic that many experts also attest to Bitcoin. However, a direct correlation between the virus and the BTC price can at best be guessed at. Due to the comeback of volatility, enormous fluctuations are possible in both directions.
Bitcoin Dominance Index still high
The Bitcoin Dominance Index currently stands at 63.8%. This means that all Altcoins share a market share of only 36.2% and the consequence can be observed very well these days. The Altcoins follow the “digital gold” at every turn. Independent outbreaks are now considered an absolute rarity and Altcoin friends will probably have to accept that there will be no “Altcoin Season 2020”. With the upcoming Bitcoin Halving, the focus will continue to be on the market leader.
Altcoin courses in detail
Most of the Altcoins can compensate for the losses of the previous day to some extent on Friday. Ethereum, however, will probably have to struggle longer with the consequences of the dumping. Currently, the ETH Zurich share price is valued at USD 232 and the market cap is around USD 26 billion. A few days ago the chart shot straight towards the USD 300 mark and the DeFi market provided optimistic investors. Now the “Smart Contract” coin is back in the shadow of the Bitcoin.
Chainlink conjures up the best performance (Top 30) on Thursday on the crypto parquet. With a share price increase of over 8%, Link is targeting the coveted top 10 places, ousting Cardano, Monero and Stellar. Meanwhile, IOTA continues to suffer from the consequences of the Trinity hack. The network has been at a standstill for two weeks now. In total, the hackers are said to have captured IOTA coins worth USD 2 million.
Translated with www.DeepL.com/Translator (free version)
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